Speedway Motorsports (NYSE:TRK) Rating Increased to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of Speedway Motorsports (NYSE:TRK) from a sell rating to a hold rating in a research report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Speedway Motorsports, Inc., is a leading marketer and promoter of motorsports entertainment in the United States. The Company owns and operates the following premier facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Infineon Raceway, Las Vegas Motor Speedway, Lowe’s Motor Speedway and Texas Motor Speedway. The Company provides souvenir merchandising services through its SMI Properties subsidiaries and Motorsports Authentics joint venture and manufactures and distributes smaller-scale, modified racing cars through its six hundred Racing subsidiary. The Company also owns Performance Racing Network which broadcasts syndicated motorsports programming to over seven hundred thirty radio stations nationwide. “

Separately, Wells Fargo & Co cut Speedway Motorsports from a market perform rating to an underperform rating in a research report on Monday, July 15th.

TRK opened at $19.78 on Tuesday. The stock has a market cap of $810.95 million, a price-to-earnings ratio of 19.78 and a beta of 0.91. Speedway Motorsports has a 1 year low of $13.47 and a 1 year high of $19.90. The company has a current ratio of 1.77, a quick ratio of 1.67 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average price of $19.76 and a 200 day moving average price of $17.91.

Speedway Motorsports (NYSE:TRK) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.03). The firm had revenue of $141.87 million for the quarter, compared to analyst estimates of $143.46 million. Speedway Motorsports had a net margin of 8.07% and a return on equity of 4.22%. As a group, sell-side analysts forecast that Speedway Motorsports will post 0.94 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 15th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.03%. Speedway Motorsports’s payout ratio is 60.00%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRK. Bank of America Corp DE boosted its position in Speedway Motorsports by 357.1% during the fourth quarter. Bank of America Corp DE now owns 27,187 shares of the company’s stock valued at $442,000 after purchasing an additional 21,239 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Speedway Motorsports by 285.7% during the first quarter. BNP Paribas Arbitrage SA now owns 2,638 shares of the company’s stock valued at $38,000 after purchasing an additional 1,954 shares during the last quarter. Shell Asset Management Co. acquired a new stake in Speedway Motorsports during the first quarter valued at $317,000. O Shaughnessy Asset Management LLC boosted its position in Speedway Motorsports by 61.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 26,383 shares of the company’s stock valued at $382,000 after purchasing an additional 10,022 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new position in Speedway Motorsports during the second quarter valued at about $1,484,000. 21.99% of the stock is owned by hedge funds and other institutional investors.

Speedway Motorsports Company Profile

Speedway Motorsports, Inc, through its subsidiaries, promotes, markets, and sponsors motorsports activities in the United States. The company owns and operates eight racing facilities, including Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Kentucky Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway, Sonoma Raceway, and Texas Motor Speedway racing facilities.

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